Conversation: License versus Company
Every day… no wait… every hour I hear myself reference a “license for sale.” And then, this voice inside of me says “Jen, you buy a company, not a license!”
I know, I know. I just get so caught up with the multiple emails and texts and phone calls that all ask about a license, that I quickly slip back into very bad habits.
I see ads (and am guilty of writing them myself) about licenses that are available for sale in the Cannabis Industry. But, let’s get something straight. YOU DO NOT SELL A LICENSE.
You know how you don’t sell your driver’s license? I mean, legally anyway. Well, you can’t sell your Cannabis or I-502 license either.
YOU SELL YOUR COMPANY. The license is one of the asset in the company. Or, maybe it is THE ONLY asset in the company.
What you do buy or sell is the company that holds the license. That could be a Limited Liability Company or a Corporation or another entity… but it is the company that is bought and sold. That’s it. It’s really not that complicated.
I will make a vow with you today, that I will start using the correct words and descriptions for what you are really buying or selling. Let’s all work together and make sure the industry is educated on how business really works.
After all, we are the professionals and business owners who are making history. We need to show the future of the cannabis industry our respect.